Max Healthcare Institute Ltd. - Q2 FY26 Financial & Operational Performance Review

Max Healthcare Institute Ltd. has reported a robust financial and operational performance for the second quarter ending September 30, 2025 Net Profit: A substantial 74.3% increase to ₹491 crore, compared to ₹282 crore in Q2 FY25. Revenue from Operations: Grew 25% year-on-year to ₹2,135 crore. EBITDA: Rose 17.5% to ₹575 crore, up from ₹451 crore. EBITDA Margin: Expanded 50 basis points to 26.9%, reflecting improved profitability. International Patient Revenue: Grew 25% YoY to ₹231 crore, contributing approximately 9% of total hospital revenue. Operational Efficiency: This remains a key strength. Overall EBITDA per bed improved sequentially and annually to ₹73.4 lakh (vs. ₹71.2 lakh in Q2 FY25). Core Asset Performance: Existing hospital units demonstrated strong performance, with EBITDA per bed increasing 7% YoY to ₹76.5 lakh. Max Lab (Pathology): Reported revenue of ₹54 crore, growing 16% YoY. Max@Home (Homecare): Generated gross revenue of ₹63 crore, up 20% YoY. Cash Flow, Debt & Capital Allocation Free cash flow from operations was ₹291 crore. The company maintained its focus on growth, deploying ₹456 crore towards expansion and facility upgrades while distributing ₹146 crore as dividends. Reflecting this capital deployment, net debt stood at ₹2,067 crore as of September 30, 2025. Strategic & Expansion Updates Portfolio Optimization: To sharpen its focus on super-specialty care in larger cities, the company divested two hospitals located in District Bulandshahr. Corporate Consolidation: The NCLT approved the amalgamation of wholly-owned subsidiaries JHL and CRL, resulting in a one-time net positive tax impact. Capacity Expansion: The 160-bed brownfield tower at MSSH Mohali has been successfully commissioned. The 268-bed brownfield tower at Nanavati-Max, Mumbai, is scheduled for commissioning imminently, further expanding the company's service capacity in a key market.